The global Elastomeric Coating Market is estimated to be valued at US$ 7,154.55 million in 2023 and is expected to exhibit a CAGR of 12.75% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Elastomeric coatings are a type of protective coating that is highly durable and elastic, providing excellent resistance to weathering, cracking, and peeling. These coatings are widely used in various industries, including construction, automotive, and aerospace, among others. The advantages of elastomeric coatings include their ability to bridge cracks and provide a seamless finish, as well as their excellent resistance to UV rays and moisture. The increasing demand for long-lasting and sustainable coatings is driving the growth of the elastomeric coating market.
Market Key Trends:
One key trend in the elastomeric coating market is the growing adoption of these coatings in the construction industry. Elastomeric coatings offer superior waterproofing and weather protection properties, making them ideal for use on exterior surfaces of buildings. The increasing focus on energy efficiency and green construction practices is fueling the demand for elastomeric coatings, as these coatings help to reduce energy consumption and enhance the durability of buildings. Furthermore, the growing construction industry in emerging economies is also contributing to the market growth. Overall, the rising demand for high-performance coatings in the construction sector is expected to drive the growth of the elastomeric coating market in the coming years.
The elastomeric coating market can be segmented based on type, application, and region. In terms of type, the acrylic elastomeric coating segment is dominating the market. Acrylic elastomeric coatings offer excellent durability, flexibility, and resistance to weathering, making them ideal for various applications such as roof coatings, wall coatings, and floor coatings. These coatings provide enhanced protection against decay, mildew, and cracking, and also help in reducing energy costs by reflecting sunlight. The increasing demand for energy-efficient buildings and the growing construction industry are driving the dominance of acrylic elastomeric coatings in the market.
The Global Elastomeric Coating Market Demand is expected to witness high growth, exhibiting a CAGR of 12.75% over the forecast period of 2023 to 2030. This growth can be attributed to several factors. Firstly, there is a rising trend of sustainable construction practices, which is driving the demand for elastomeric coatings. These coatings offer excellent weather resistance, durability, and energy efficiency, making them a preferred choice for building owners and contractors. Additionally, the increasing investment in infrastructure development, particularly in emerging economies, is fueling the demand for elastomeric coatings.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the elastomeric coating market. The rapid urbanization, industrialization, and infrastructural development in countries like China and India are contributing to the market growth in this region. Moreover, the increasing disposable income of the population and the growing awareness about the benefits of elastomeric coatings are further boosting the market in Asia Pacific.
Key players operating in the elastomeric coating market include BASF SE, Progressive Paintings Inc., The Dow Chemical Company, Sherwin Williams Company, PPG Industries Inc., Industria Chimica Adriatica SpA, Nippon Paints, Clariant, The Valspar Corporation, and Rodda Paints, among others. These companies are focusing on research and development activities to develop advanced elastomeric coatings with improved properties. They are also adopting strategic initiatives such as mergers, acquisitions, and partnerships to expand their market presence and gain a competitive edge.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it